A Legal Examination of The Role of Taxation In Revenue Generation And Economic Development In Nigeria
– A Legal Examination of The Role of Taxation In Revenue Generation And Economic Development In Nigeria –
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Abstract
The bulk majority of the tax evasion and tax avoidance is caused by inadequate machineries and lack of skilled personal in administrative tax bodies as well as the legal framework upon which their relationship rest.
This result in many problems of the tax collection in Nigeria. It is in this regard that the topic of this dissertation entitled “A Legal Examination of the Role of Taxation in Revenue Generation and Economic Development in Nigeria” was chosen.
This study is to present, explore and analyze the nature and extent of tax legal provisions relating to the role of taxation in revenue generation and economic development in Nigeria.
It will also present how they are maintained, practiced, adhered to and suggest some ways and means of improving the present state of affairs.
The study is composed of five Chapters. Thus, Chapter one dealt with the General Introduction, Background, Statement of Problems, Aims and Objectives, Scope of the study, Significance of the study, Research Methodology, Literature Review and Organizational layout.
Chapter two discussed on Examination of Taxing power in the Federal Republic of Nigeria under the 1999 Constitution of the Federal Republic of Nigeria (As amended), and the brief history of Income Taxation in Nigeria.
Chapter three is the bedrock of the whole work that discussed the role of taxation in the economic development of Nigeria with its legal perspectives.
Table of Contents
Title page – – – – – – – – – – i
Declaration – – – – – – – – – – ii
Certification – – – – – – – – – – iii
Dedication – – – – – – – – – – iv
Acknowledgment – – – – – – – – – v
Table of Cases – – – – – – – – – vi
Table of Statutes – – – – – – – – vii
List of Abbreviation – – – – – – – – – vii
Table of Contents – – – – – – – – – x
Abstract – – – – – – – – – – xiii
Chapter One
INTRODUCTION
1.1 Background of the Study – – – – – – – 1
1.2 Statement of Problem – – – – – – – – 3
1.3 Aims and Objective of Study – – – – – – 4
1.4 Scope of the Study – – – – – – – – 5
1.5 Significance of the Study – – – – – – – 6
1.6 Research Methodology – – – – – – – 6
1.7 Literature Review – – – – – – – – 6
1.8 Organization Layout – – – – – – – – 11
Chapter Two
EXAMINATION OF TAXING POWERS IN THE FEDERAL REPUBLIC OF NIGERIA UNDER THE 1999 CONSTITUTION OF THE FEDERAL REPUBLIC OF NIGERIA (AS AMENDED)
2.1 Taxing powers of the Federal Republic of Nigeria under the 1999 Constitution of the Federal Republic of Nigeria (As amended) – – – – – 13
2.2 Brief History of Income Taxation in Nigeria – – – – 18
2.3 Definition of Tax – – – – – – – – 22
2.3.1 Definition of Income – – – – – – – – 23
2.3.2 Distinction between “Income” and “Capital” – – – – 29
2.3.3 Definition of Income for Tax Purpose – – – – – 30
2.4 Purpose and Function of Taxation – – – – – – 33
2.5 Imposition of Taxation in Nigeria – – – – – – 35
Chapter Three
ANALYSIS OF INCOME TAX AND REVENUE GENERATION IN NIGERIA
3.1 Income Tax and Revenue Generation in Nigeria – – – – 42
3.2 Role of Taxation in the economic Development of Nigeria – – – 45
3.3 Raising of Revenue for Government Services – – – – 49
3.3.1 Recurrent Expenditure – – – – – – – 49
3.3.2 Capital Expenditure – – – – – – – – 49
3.4 Distribution of Income – – – – – – – 50
3.5 Economic Revitalization – – – – – – – 54
Chapter Four
SIGNIFICANCE OF TAXATION IN NIGERIA
4.1 Nigerian Economic situation – – – – – – – 56
4.2 Taxation as a tool for Economic Growth – – – – – 60
4.3 Tax as incentive for Economic Growth – – – – – 61
4.4 Effects of Fiscal Policies on Economic Development – – – 67
Chapter Five
SUMMARY, FINDINGS AND RECOMMENDATIONS
5.1 Summary – – – – – – – – – 71
5.2 Findings – – – – – – – – – 72
5.3 Recommendations – – – – – – – – 73
5.4 Conclusion – – – – – – – – – 74
Bibliography – – – – – – – – – 76
INTRODUCTION
Background of the Study
Tax is one of the sources of revenue for the government. This is so because for the achievement of aims, goals and objectives, an organization will need to have enough funds at its disposal.
This importance assumes an accelerated dimension in the face of the present economic recession in Nigeria.
Therefore, tax system is one of the most powerful means available to the government to stimulate and guide its economic and social development.
In the life of any nation, taxation is an indispensable tool employed by the government for the promotion of their overall economic and social objectives.
The crucial role that taxation plays in the development of Nigerian economy cannot be over emphasized.3
Though revenue generation seems to be the primary goal of the government when it levies taxes, however it not the only purpose of the government in levying taxes, but produces economic need for the government.
BIBLIOGRAPHY
Ayua, I.A: Nigeria Tax Law, Spectrum Books Ltd Ibadan, Revised Edition (1997) p.306 – 308.
A.S. History: Oxford English Dictionary (2000) Sixth Edition, University Press U.K. P.I.T.A CAP. P.8 L.F.N (2004).
Ola, C.S: Income Taxation for Corporate & Incorporate Bodies in Nigeria, New Edition Heinemann Education Books Nigeria Ltd, Ibadan (1984).
Ola, C.S: Nigerian Income Tax Law & Practice, Macmillan Publishers, London (1985).
Rabiu, S.A: Personal Income Tax in Nigeria, Manna Hannan Press Ltd, Nigeria (1981) p.15.
Is-haq Repositioning the Nigerian Tax System, Suggestion and Policy Measures, University of Ilorin Press Ltd (2010) p.3
